October 8th, 2008 by Arjan Olsder Posted in Companies & M&A | 9 Comments »
Breaking news today as we received official proof that MoConDi ltd. is not able to pay its debts to both employees of the company as well as creditors.
We already reported about Steve Cole and Elisabeth Olsen leaving MoConDi last month. Now, an official e-mail popped up. To safeguard our source though, we do not publish the e-mail or exact details.
What we can mention is that Steve Cole claims that the bankruptcy of MoConDi was due to investments from the US that weren’t finalized. As so, MoConDi lacks the money to pay both employees and creditors (mostly publishers and developers).
We know however that not all contracts where closed in the name of MoConDi. Some publishers and developers might still have contracts with Overloaded in Amsterdam. Overloaded is owned by MobileMedia but was under control of MoConDi. This means there might still be money left within Overloaded. Others might have closed an agreement with MobileMedia in Olso. MobileMedia is still alive so there is a way to obtain money there as well.
We wish all developers and publishers (as well as employees) success in the quest to get at least some money back.
Cheers Arjan, I think in reality my acocunt simply just dried up with them about 8 or 9 months ago.
I don’t think I lost much anyway in the end.
Shame Overloaded went down this path with Mocondi as well though :/
I can tell you one thing and that’s that Overloaded is R.I.P also. I closed the door literally months ago 😉
So many developers lost money with overloaded. You closed the door and cheated so many developers in the market. I hope you sleep well now.
Hi Peter,
Did Overloaded have creditors remaining when you closed the doors? Hoping you settled up with all before the doors were finally closed… otherwise not quite understanding the smiley wink.
I was the last employee of Overloaded, that’s what I’ve meant.For closing the company our Norwegian friends at Mocondi are responsible
Thanks for clearing that up Peter, think it was misinterpreted the way it was written.
But no one in Norway is answering calls, e-mails, etc.
Again Overloaded is the next and for sure not the last Telcogames.
Mocondi Norway for sure has still the money from the publishers.
Guys, I worked a lot with Peter. He always did what management said, just like any employee. Peter was also pro-fair business. Without his work, the company would have been in problems just months after MoConDi/MobileMedia Company took over and developers would have lost far more money. Peter was on the team that was fighing to avoid a Telcogames situation (and that was the real Overloaded team).
Yes I have to agree, Peter was indeed one of the better people to deal with there, so it would’nt of been his fault at the end of the day methinks.